This dashboard is based on the work of trendEcon. The data are scraped from Google Trends through the use of the trendecon R-package. The sectoral indicators are slightly adapted to match Austrian search keywords (e.g. different stores). The main focus of this project is to test the accuracy of the main indicator (PES) in a VAR forecasting framework.
The indicator for Perceived Economic Situation includes search terms that reflect people’s worries about the economy. For instance, people then google “economic crisis” (Wirtschaftskrise).